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Money and Financial Markets

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Implied yields from euro-dollar futures fell in August and September, suggesting that market participants expect the current round of tightening may end or moderate significantly in 2006. They may believe that after the rate hikes anticipated during the remainder of 2005, the federal funds rate will be more nearly consistent with a neutral policy.

Suggested citation: "Money and Financial Markets," Federal Reserve Bank of Cleveland, Economic Trends, no. 05-10, pp. 05-07, 10.01.2005.

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